SunPower, iRobot, Trupanion and Other Meme-Stock and SPAC Darlings Rally Amid GameStop Mania

Jerry Kronenberg wrote a column · May 14, 2024 05:16

$SunPower (SPWR.US)$, $iRobot (IRBT.US)$ and other one-time meme stocks or SPAC darlings soared Monday as Wall Street partied like it's 2021.

The one-time super-hot names rallied in concert with 70%+ gains for former meme stocks $AMC Entertainment (AMC.US)$ and $GameStop (GME.US)$, which both rose more than 70%.

GME got the ball rolling by rallying Monday after an investor named "Roaring Kitty" -- who helped spark the 2020-21 meme-stock craze by talking up stocks on Reddit's WallStreetBets chat group – posted to social media for the first time since 2021.

That sent several other stocks rising strongly among those that had soared in 2021 amid the meme-stock frenzy or that year's craze for companies that went public by merging with special purpose acquisition companies.

Winners included:

-- Solar stock SunPower, which rose 19.6% to a $2.75 close

-- Home-robotics company iRobot, up 19.4% to $13.40

-- Pet-insurance firm $Trupanion (TRUP.US)$, which gained 19.3% to $30.77

-- U.K. used-car platform $Cazoo (CZOO.US)$, +17% to $6.89

-- Online pet-medicine seller $PetMed Express (PETS.US)$, up 14% at $4.65

-- Gen-Z friendly insurance platform $Lemonade (LMND.US)$, 12.4% higher at $18.63

-- Vegan meat-substitute maker $Beyond Meat (BYND.US)$, which gained 11.3% to $7.96

-- Gym-company $Xponential Fitness (XPOF.US)$, up 11.3% at $9.44

However, most or all of Monday's big winners remain well below the peaks they saw in 2021 or 2022, when the market fell in love with meme stocks and SPAC deals.

For example, SunPower remains 95.2% below its January 2021 $57.52 intraday peak even after Monday's rally, while Beyond Meat is 96.3% under the $221 intraday record high that the stock reached that same month.

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Jerry Kronenberg

Director of Financial Content

Former top editor at Seeking Alpha, Fidelity.com, TheStreet.com and UPI.

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